CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Ripple analysis: closely watching major pivot level

By Nathan Batchelor

15:18, 25 August 2020

Ripple analysis: closely watching major pivot level

Ripple is attempting to recover higher, following its recent technical correction back towards the $0.27 support area.

Ripple analysis shows that buyers need to maintain the cryptocurrency above the $0.27 level to avoid a stronger decline back towards the $0.23 level.

Ripple medium-term price trend

Ripple is attempting to recover back towards the $0.30 level after the cryptocurrency corrected lower alongside the broader market, following four weeks of straight gains. 

Ripple technical analysis shows that the $0.27 level is going to act as a major pivot point this week.

The daily time frame shows that the recent decline found strong support from just above the $0.27 level.

XRPUSD-25-08-Daily

According to technical analysis, the XRP/USD pair could decline towards the $0.25, and possibly the $0.23 level if the $0.27 support level is broken this week. 

To the upside, continued gains above the $0.27 level are likely to result in a technical test of the $0.30, and possibly the $0.33 levels.

ETH/USD

2,963.72 Price
+2.570% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

SOL/USD

201.71 Price
+2.570% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 2.2652

BTC/USD

77,025.00 Price
+1.420% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

DOGE/USD

0.20 Price
+1.590% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0012872

Traders should note that the $0.38 and the $0.50 levels remain the wider goal for bulls over the medium-term horizon.

What is your sentiment on XRP/USD?

0.55610
Bullish
or
Bearish
Vote to see Traders sentiment!

Ripple short-term price trend

Ripple technical analysis over the short term shows that the cryptocurrency is only bullish while the price trades above the $0.233 level.

The four-hour time frame shows that a bearish head-and-shoulders pattern has formed, following the recent reversal from the $0.33 level.

According to the size of the head-and-shoulders pattern, the XRP/USD pair could decline towards the $0.23 level if the $0.27 level is broken.

Traders should note that negative MACD price divergence is still present on the lower time frames, and extends down towards the $0.23 area, which further increases the chances of a short-term bearish reversal.

Ripple-25-08-H4

Ripple technical summary

Ripple technical analysis suggests that a move under the $0.27 level could cause the cryptocurrency to drop towards the $0.23 level.

Related topics

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 660,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading